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Impressive Growth in Cyprus Tourism Revenue: €223.3m in Q1 2024, Surging 11.7% YoY

Revenue from tourism reached an estimated €223.3m in January–March 2024, rising 11.7% compared to €200m in the first quarter of 2023, Cystat said.

Based on the results of its Passengers Survey, in March, revenue from tourism reached €113m, compared to €97.8m in the corresponding month of 2023, recording an increase of 15.5%.

The average expenditure per person was €558.88 in March 2024 compared to €530.72 in March 2023 (up 5.3%).

Tourists from the United Kingdom, again Cyprus’ largest tourist market with 31.8% of the total in March, spent on average €73.49 per day, while tourists from Poland, the second largest market with 10.4% of total tourists, spent on average €75.86.

Tourists from Germany, the third largest market with 9.8%, spent on average €98.66 per day, while tourists from Greece with 9% of the market, spent on average €43.37 per day.

Finally, tourists from Israel, the fifth place on the market with 8.2%, spent on average €143.21 per day.

Cyprus Tourism Sector Assesses Impact Of Middle East Conflict

Heightened Concerns Across The Sector

Tourism operators in Cyprus are assessing the potential impact of the ongoing conflict in the Middle East on travel demand. Authorities, hospitality businesses and travelers are monitoring developments as regional instability begins to influence booking patterns and tourism activity.

Industry Leaders Monitor Developments

Representatives of the hospitality sector are closely following the situation. During consultations with officials from the Deputy Ministry of Tourism, hotel owners discussed possible operational adjustments in response to the developments in the region. Participants in the discussions noted that targeted promotional campaigns and pricing strategies could help support demand if regional conditions stabilize.

Contemplating Extended Operational Suspension

Several hotel operators had planned to reopen in March in order to serve travel agency programs and extend the tourist season. Early April reopenings were also scheduled to coincide with the Easter holiday period. However, these plans are currently being reassessed.

Some operators have proposed extending the suspension of hotel operations for up to two months, potentially until late April. Another option under discussion involves partial reopening, allowing hotels to operate with reduced staffing levels based on confirmed bookings. Industry representatives have also raised the possibility of seeking financial support from the European Union to offset economic losses linked to the regional crisis.

Summer Season Uncertainty And Flight Adjustments

Travel agents have maintained their planned charter flight schedules for the summer season, which typically runs from May to October. However, several cancellations have been reported for the March–April period as well as for some summer bookings, indicating softer demand in certain markets.

Industry representatives say booking activity may recover if regional conditions stabilize.

Restoration Of Air Connectivity

Air connectivity between Cyprus and several European destinations is gradually being restored. Hermes Airports confirmed the resumption of some routes connecting Cyprus with international markets. Emirates has resumed flights from Dubai to Larnaca. Haris Papacharalambous, president of the Association of Cyprus Travel & Tourism Agencies (ACTTA), said the return of flights operated by British airlines and the Lufthansa Group could support the recovery of tourism bookings.

Tourism stakeholders continue to monitor developments as the sector evaluates the potential impact of regional instability on travel demand.

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